We are going to see a slow fading away of some of the funds in the bottom half of the performance rankings.
I had conversations with limited partners last year who said that three-quarters of the funds in their portfolio, and by implication those in everyone else's portfolio, were coming into the market looking for capital.
This was the start of the fund-raising wave that began at the back end of 2004.
You can't invest in every good fund that comes in the door, so it becomes a brutal sorting process.
